Guwahati: Oyo Founder and Chairman, Ritesh Agarwal has sent a mail to the company’s top management where he says that the company is planning to announce the first-ever profit after tax (PAT) in the ongoing quarter.
“This year marks the 10th year of OYO, making it momentous and special. I have news to share befitting this occasion. As per the current trajectory in this quarter, Q2 FY24 will mark our maiden profitable quarter with a projected profit after tax (PAT) of over Rs 16 crore,” Agarwal said in an email.
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The Founder and Chairman also added, “We see immense potential in future growth markets like the US and UK where are dedicated to instilling confidence in our patrons and utilizing innovative technologies, such as contactless check-in, to cater to their evolving needs of the customers.”
Agarwal also stated that as per the recently released annual report, the firm’s revenue from operations stood at Rs 5,463 crore in the financial year 2023, up from Rs 4,781 crore in the financial year 2022, marking a nearly 14 per cent increase.
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Oyo has rationalised the number of hotels in the financial year 2023 to 12,938 from 18,037 in the financial year 2022.
“Our intent is to expand the hotel network again since the process of pruning the ones which were incompatible with our tech-enabled, monthly revenue optimization operating model. This being said; as of June 2023, we still have the largest footprint in terms of hotels in India and SEA, as compared to other full stack short-stay accommodation players,” Agarwal mentions.